Jio Credit AUM tops ₹30,000 crore in Q1 FY27; Jio Payments Bank achieves operational turnaround, says MD Hitesh Sethia
ADVERTISEMENT
Jio Financial Services’ lending arm Jio Credit’s gross assets under management (AUM) crossed ₹30,000 crore in the first quarter of FY27, marking a 163% year-on-year increase as the company accelerated the scale-up of its financial services businesses, MD and CEO Hitesh Sethia said at the company’s annual general meeting on Wednesday.
“Jio Credit has exhibited remarkable operational velocity with its Gross AUM crossing Rs. 30,000 crore in Q1 FY27, reflecting a 163 percent YoY growth,” Sethia said.
Quarterly disbursements at Jio Credit rose 173% year-on-year to ₹11,252 crore, while total borrowings stood at ₹28,120 crore. The company’s debt-to-equity ratio was 3.9, Sethia said.
The lending business is also set to receive significant capital and operational support from Bank of America under their proposed joint venture. The US financial major has agreed to invest up to ₹18,268 crore for a stake of up to 49.9% in Jio Credit.
Sethia said the partnership would provide Jio Credit with “significant growth capital, global governance and risk management practices, and an advanced tech stack” to support its expansion. Jio Credit will continue to remain a subsidiary of Jio Financial Services.
Payments businesses turn around
Jio Financial’s payments businesses also reported a turnaround in the first quarter of FY27. Jio Payments Bank achieved an operational turnaround, with total income rising 7.7 times year-on-year to ₹83 crore.
Customer deposits increased 72% year-on-year to ₹617 crore, while its customer base reached 3.9 million CASA customers. The bank’s business correspondent network expanded more than tenfold to over 527,000 touchpoints.
Jio Payment Solutions also achieved an operational turnaround, with total payment value (TPV) rising 2.5 times year-on-year to ₹19,208 crore in Q1 FY27. Gross fee and commission income increased 6.4 times to ₹176 crore, while net fee and commission income more than tripled to ₹24 crore.
Sethia said the company was “steadily broadening our addressable market” through collection and payout solutions for enterprises, small and medium businesses and cross-border services for Indian exporters.
JioBlackRock AUM crosses ₹21,000 crore
Jio Financial’s investment business has also expanded rapidly. JioBlackRock Asset Management’s closing AUM stood at ₹18,412 crore in Q1 FY27, up 21% sequentially, and subsequently crossed ₹21,000 crore in July 2026.
“This has been one of the fastest AUM build-ups in the country for a new AMC which commenced operations just over a year ago,” Sethia said.
The asset management company has also expanded beyond digital distribution, onboarding more than 11,000 mutual fund distributors and over 800 dedicated distributors for its specialised investment fund offerings.
JioBlackRock said 36% of its retail AUM comes from beyond the top 30 cities, while 18.5% of its investors are first-time mutual fund buyers.
AI becomes central to JioFinance strategy
A key focus of Jio Financial’s strategy is its JioFinance app, which has evolved into what the company describes as a “neural agentic marketplace”. Its digital properties have crossed 25 million unique users, with average monthly active users reaching around 9 million in Q1 FY27.
The platform is designed to use AI and machine learning models to offer hyper-personalised financial products and advice. The company said around 130 AI agents are currently deployed across its operating entities.
Jio Financial is also preparing to roll out two new features on the app, including a membership programme offering value-back rewards and what Sethia described as a “personal CFO for every Indian”. The latter will provide financial recommendations based on a proprietary financial fitness score.
Sethia said the company’s technology strategy is aimed at “expanding an agentic-first customer interface” while maintaining human oversight and a consent management platform compliant with the Digital Personal Data Protection framework.
Global partnerships to drive expansion
Jio Financial is building its financial services ecosystem through partnerships with Bank of America, BlackRock and Allianz.
The company said these partnerships combine the global firms’ expertise in banking, investment management and insurance with Jio Financial’s brand, distribution network and engagement on the JioFinance platform.
“The combination of these synergies lay a firm foundation for Jio Financial Services to assume leadership across multiple financial services categories,” Sethia said.
Jio Financial said its full-stack ecosystem now spans lending, payments, investments and insurance, while its consolidated shareholders’ equity stood at ₹1.34 lakh crore as of March 31, 2026.
The company deployed around ₹2,900 crore in equity across its operating subsidiaries and joint ventures during FY26. Its board has recommended a dividend of ₹0.60 per equity share for the financial year.
Sethia said the company remained focused on scaling while maintaining risk discipline. “We remain committed to scaling within strict risk and regulatory guardrails,” he said, adding that the company would continue to focus on unit economics and cost optimisation.